Peoples Savings Bank in Rhineland, Mo., has applied to buy farmbank in Green City, Mo.
The $678.8 million-asset Peoples has submitted its application with the Federal Deposit Insurance Corp. to acquire the $78.1 million-asset farmbank. A June press release announcing the deal did not disclose the price Peoples will pay.
The transaction is expected to close in December.
“Farmbank has a strong reputation and loyal customer base,” Mark Laune, Peoples’ CEO, said in the release. “This acquisition is about Main Street and aligns with our strategic vision and strengthens our ability to serve communities across Missouri.”
Stinson advised farmbank. Sandberg Phoenix advised Peoples.